Linde (NASDAQ:LIN) Issues Quarterly Earnings Results

Linde (NASDAQ:LIN) released its earnings results on Thursday. The basic materials company reported $4.20 earnings per share for the quarter, beating analysts’ consensus estimates of $4.18 by $0.02, FiscalAI reports. The firm had revenue of $8.76 billion during the quarter, compared to the consensus estimate of $8.64 billion. Linde had a return on equity of 19.52% and a net margin of 20.30%.The company’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $3.97 EPS. Linde updated its Q1 2026 guidance to 4.200-4.300 EPS and its FY 2026 guidance to 17.400-17.900 EPS.

Here are the key takeaways from Linde’s conference call:

• Linde reported record full?year results — Q4 sales of $8.8 billion (+6%), a 29.5% Q4 operating margin, record EPS and operating cash flow, and returned more than $7 billion to shareholders (including $1.4 billion of buybacks in Q4).
• The company has a record backlog of $10 billion (excluding ~$500 million of space investments), with two?thirds tied to contracted clean?energy projects and a strong pipeline in advanced electronics fabs and space launches (company estimates ~65–75% share by launch).
• 2026 guidance is deliberately cautious — EPS range of $17.40–$17.90 (up 6–9%), anchored at 0% base volume and assuming a 1% FX tailwind (Q1 FX assumption of +3%), so outcomes depend heavily on macro and FX moves.
• Management initiated additional Q4 restructuring to align resources for uneven geographic growth; CFO expects cash payback similar to prior programs (roughly a two?year payback) with most benefits hitting in the second half of 2026.
• Helium and rare?gas dynamics were a meaningful drag (~1–2% EPS headwind in 2025) and helium remains long in the medium term, representing an ongoing downside risk to margins and earnings.

Linde Trading Down 2.5%

NASDAQ LIN opened at $448.24 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.88 and a debt-to-equity ratio of 0.52. Linde has a twelve month low of $387.78 and a twelve month high of $486.38. The company has a market cap of $209.31 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 3.23 and a beta of 0.84. The business’s fifty day moving average is $431.09 and its 200 day moving average is $447.83.

Institutional Trading of Linde

A number of hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC bought a new stake in Linde during the 3rd quarter worth approximately $453,274,000. Credit Agricole S A bought a new stake in shares of Linde in the 3rd quarter valued at about $153,263,000. AQR Capital Management LLC increased its stake in shares of Linde by 136.5% in the third quarter. AQR Capital Management LLC now owns 430,971 shares of the basic materials company’s stock valued at $204,711,000 after buying an additional 248,734 shares during the period. State Street Corp raised its position in shares of Linde by 0.9% during the third quarter. State Street Corp now owns 19,319,583 shares of the basic materials company’s stock worth $9,176,828,000 after acquiring an additional 172,162 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Linde by 55.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 455,694 shares of the basic materials company’s stock worth $216,455,000 after acquiring an additional 162,968 shares during the period. 82.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on LIN. Morgan Stanley reissued an “overweight” rating and issued a $530.00 target price on shares of Linde in a report on Friday. Sanford C. Bernstein reiterated an “outperform” rating and set a $516.00 price target on shares of Linde in a research report on Monday, November 3rd. CICC Research began coverage on shares of Linde in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $510.00 price objective for the company. Mizuho set a $525.00 target price on Linde in a research note on Friday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $455.00 price target on shares of Linde in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Linde currently has a consensus rating of “Moderate Buy” and a consensus price target of $513.56.

Linde News Summary

Here are the key news stories impacting Linde this week:

• Positive Sentiment: Q4 results beat estimates: adjusted EPS $4.20 (vs. $4.18 consensus) and revenue $8.76B (+6% YoY), showing margin resilience and underlying demand. Businesswire: Linde Reports Full-Year and Fourth-Quarter 2025 Results
• Positive Sentiment: Full-year operating profit reported at $8.9B, indicating solid profitability for 2025. Gasworld: Linde reports full year operating profit of $8.9bn
• Positive Sentiment: Company cites record backlog and restructuring initiatives as drivers of steady growth and the 2026 outlook (EPS target $17.40–$17.90). MSN: Linde sees another year of steady growth as Q4 results beat forecasts
• Neutral Sentiment: Management set FY2026 EPS guidance at $17.40–$17.90 and Q1 at $4.20–$4.30 — roughly in line with consensus but tight to the low side of estimates, leaving little upside surprise potential. Linde FY2026 guidance (slide deck)
• Neutral Sentiment: JPMorgan reaffirmed a “neutral” rating with a $455 price target (only modest upside from current levels), signaling limited near-term analyst-driven buy pressure. Benzinga: JPMorgan reaffirms neutral on Linde
• Negative Sentiment: Market reaction: shares fell after guidance was viewed as disappointing relative to expectations despite the earnings beat; coverage and headlines highlighted the guidance miss. Investing.com: Linde shares fall over 2% as 2026 guidance disappoints
• Negative Sentiment: Operational/headcount action: Linde announced engineering job cuts as it addresses supply-chain challenges — short-term disruption and execution risk that can worry investors. Gasworld: Linde cuts jobs in engineering

Linde Company Profile

Linde (NASDAQ: LIN) is a multinational industrial gases and engineering company that supplies gases, related technologies and services to a wide range of industries. The company traces its current form to the 2018 combination of Germany’s Linde AG and U.S.-based Praxair, creating one of the largest global providers of industrial, specialty and medical gases. Linde’s business model centers on production, processing and distribution of gases as well as the design and construction of the plants and equipment needed to produce them.

Core products and services include atmospheric and process gases such as oxygen, nitrogen and argon; hydrogen and helium; carbon dioxide; and a portfolio of higher?value specialty and electronic gases.